SANTA ANA, Calif., Sept. 17, 2010 (GLOBE NEWSWIRE) -- BioCen Natural Products Development Group (Pink Sheets:BNPD) is pleased to announce that on Friday, September 17, 2010, negotiations have been completed for the acquisition of BioCentric Energy (Pink Sheets:BEHL) assets. The Companies have a goal to complete this acquisition and Form S-1 Registration within 90 days.
BNPD will acquire all hard and soft assets of BEHL including, but not limited to, all furniture and equipment, computers, software, intangibles, licenses, intellectual property and BEHL employees. In return, the BEHL shareholders will receive a 10 to 1 stock dividend of BNPD.
Further, a five-million ($5M) private placement debenture will be issued to raise the necessary cash to complete BEHL's endeavor of deploying its first commercial PBR site in Death Valley Junction, California. This debenture will also go towards funding the historical building renovations for the on-site laboratory, the museum-gift shop, and remote office. Further, this funding is necessary to finance the manufacturing, assembly and deployment of additional PBR sites this year. The funds will also be used to purchase the harvesting, dewatering and drying equipment as well as support all marketing and sales efforts to launch the Company's first retail product, Vitamin X Health Beverage with Astaxanthin.
During this transition period, BNPD will continually honor our seventy-five thousand ($75K) a month payment for the Master Sales Exclusivity Agreement with BEHL. The executive management team is currently being finalized. However, it is confirmed that BEHL's President, Monique Berry, has accepted the position of CEO, Daniel J. Kennedy has accepted the position of President as well as Dennis Fisher as Chairman of the Board.
As stated by Daniel J. Kennedy, "We are looking forward to working with our shareholders during this transition period and will provide continued transparency towards meeting our goals and objectives in becoming the leader in natural algae based products and brands."
Mr. Kennedy went on to state, "I would also like to announce that we have signed our contractual agreement with Nevada Bottling Company (NBBCO) in Pahrump, Nevada to manufacture, bottle, package, store, and ship our first three Algae drinks. NBBCO has earned the trust of the following clients: Aramark, Sysco Las Vegas, Fresh and Ready Foods, and the Queen Mary Hotel (total clients exceed 200). We have purchased enough Astaxanthin, and completed the initial natural flavoring, to begin our beta first run by mid October of our first product, Vitamin X. Our Team is truly excited about our first release."
Safe Harbor Statement: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as BNPD or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
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